Wealth Matters: Bank of Mum and Dad faces bankruptcy crisis

Our columnist answers your questions on how to protect and increase your net worth, including dealing with an unpaid family loan

My wife and I are worried that we may not get back a large sum of money
we lent to our eldest son to invest.

The loan has left us with considerable credit card debt. We are 68 and 66
years old and if the credit card companies come after us we would then be in
danger of going bankrupt. Can we transfer our property to our other two sons
and move into a rented home? Would our creditors try to trace where our
property has gone, and would they want to reclaim it from our two younger
sons?BL, by email

You are considering a drastic step that could land you in even hotter water. Hannah
Blom-Cooper at Mishcon de Reya, the law firm, said: “Your proposed solution
potentially exposes your two sons to an action by your creditors against
them under the Insolvency Act 1986 to recover the